Portfolio Manager
Portfolio Manager
The Pengana High Conviction Equities Fund (the Fund) invests globally in a concentrated portfolio of up to 20 stocks. The Fund can invest in both small and large cap stocks and is diversified across countries and sectors. We avoid investment in companies that are currently, in our opinion, unnecessarily harmful to people, animals or the environment.
1. Net performance figures are shown are those of Class A Units, after all fees and expenses and assume reinvestment of distributions. No allowance has been made for buy/sell spreads. Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
2. Inception 11 December 2014.
3. Annualised standard deviation since inception.
4. Relative to MSCI World. Using daily returns.
* For further information regarding fees please see the PDS available on our website.
COMMENTARY
Critical minerals processing company MTM Critical Metals, now called Metallium, rose 93% after completing an AUD$50mln capital raise, signing a rare earth processing MoU with Brazilian rare earth producer Meteoric and announcing the ability to recover 98% of critical mineral antimony from E-waste. Antimony is primarily used as a flame retardant and as an alloy to harden metals (particularly lead). The US has no production and is heavily reliant on China. This adds to the growing list of critical minerals that MTM can recycle or refine.
The fund’s largest holding, titanium processing technology company IperionX, rose 29% after announcing a USD99mln small business innovation research Phase 3 contract with the US Department of Defence. This is a frame agreement that can be used across orders from the US Army, Navy, or Air Force, and was quickly followed by a USD$1.3mln order from the US Army for ground vehicles. The overall contract was impressive in size and rarely made, and as such is an important validation of the company’s technology and commercial readiness.
Australian pancreatic cancer drug developer Amplia rose 300% after reporting two complete responses (complete clearance of cancer) in a study combining its lead drug Narmafotinib and chemotherapy. Pancreatic tumours develop a hard shell or stroma, which prevents chemotherapy drugs from penetrating it. This drug acts by both breaking down this shell and killing cancerous cells.
Rare Earth producer Brazilian Rare Earths rose 23% after reporting metallurgical results from ANSTO (Australia’s Nuclear Science and Technology Organisation), highlighting the simple and low cost refining process that will be required to produce rare earths, uranium and other high grade coproducts such as niobium, scandium and tantalum.